Councilmember McDuffie Convenes Hearing on Child Wealth Building Act, Guaranteed Basic Income and Tax Policy

Councilmember McDuffie Convenes Hearing on Child Wealth Building Act, Guaranteed Basic Income and Tax Policy

Hearing, Legislation Information, Press Release
Hearing an important step to advance wealth equity legislation and investigate revenue streams in the context of a post COVID-19 recession For Release: Tuesday, May 25, 2021 Contact: Malcom Fox, 202-227-1701, mfox@dccouncil.us Washington, DC – Today, Ward 5 Councilmember and Chair of the Committee on Business and Economic Development Kenyan McDuffie convened a hearing to further develop wealth his Child Wealth Building Act, discuss the benefits of a guaranteed basic income pilot program, explore tax policy proposals and understand the long term impacts of the COVID-19 induced recession on our economic landscape. The four panels featured wealth equity and tax policy experts to help design these proposals. “We must pass bold and transformational policies that chip away at the District’s stark racial inequities,” said Councilmember McDuffie. “The Child Wealth Building…
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Councilmember McDuffie Unveils “Baby Bonds” Legislation to Eliminate DC’s Racial Wealth Gap

Councilmember McDuffie Unveils “Baby Bonds” Legislation to Eliminate DC’s Racial Wealth Gap

Press Release
New program would make unprecedented investment aimed at eliminating the District’s racial wealth gap    For Release: Tuesday, May 4, 2021 Contact: Malcom Fox, 202-227-1701, mfox@dccouncil.us Washington, DC – Yesterday, Ward 5 Councilmember Kenyan McDuffie introduced the Child Wealth Building Act, a child trust fund or “baby bonds” proposal aimed at eliminating the District’s stark racial wealth gap and ending generational poverty. In the District, a white family’s median wealth ($284,000) is 81 times higher than the median wealth of a Black family ($3,500). If passed, the child trust fund proposal would ensure that every baby born in the District has tangible economic, educational, and entrepreneurial opportunities to succeed. “Residents of color have waited long enough for the transformational change necessary to achieve racial equity,” said Councilmember McDuffie. “We must…
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